By Marisa Wong
Morgantown, W.Va., Sept. 30 – Morgan Stanley priced $23.63 million of fixed-to-floating notes due Sept. 30, 2026 linked to the 10-year U.S. dollar ICE swap rate, according to a 424B2 filing with the Securities and Exchange Commission.
The interest rate will be 3.75% for the first three years. After that, the interest rate will be equal to the 10-year dollar ICE swap rate. Interest will be payable quarterly and cannot be less than zero.
The payout at maturity will be par.
Morgan Stanley & Co. LLC is the agent.
| Issuer: | Morgan Stanley
|
| Issue: | Fixed-to-floating notes
|
| Amount: | $23,625,000
|
| Maturity: | Sept. 30, 2026
|
| Coupon: | 3.75% for the first three years; after that, 10-year dollar ICE swap rate; payable quarterly; floor of zero
|
| Price: | Par
|
| Payout at maturity: | Par
|
| Pricing date: | Sept. 27
|
| Settlement date: | Sept. 30
|
| Agent: | Morgan Stanley & Co. LLC
|
| Fees: | 1.5%
|
| Cusip: | 61760QKA1
|
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